Unemployment hysteresis and the natural rate of vacancies |
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Authors: | By Knut Røed |
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Institution: | (1) The Frisch Centre for Economic Research, Gaustadalléen 21, 0349 Oslo, Norway (e-mail: knut.roed@frisch.uio.no), NO |
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Abstract: | On the basis of macro data from 10 OECD countries, I find that the job vacancy rate outperforms the unemployment rate as
a reliable measure of domestic inflationary pressure. Moreover, while the rate of unemployment affects inflation primarily
through its difference, the vacancy rate operates through a level effect as well. In most countries, a unique equilibrium
rate of vacancies seems to coexist with a drifting equilibrium rate of unemployment. I show that this result is consistent
with existing theories of unemployment hysteresis that focus on depreciation of human capital and search activity during unemployment
spells.
First version received: October 1997/Final version received: June 2001 |
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Keywords: | : Unemployment Vacancies Persistence Hysteresis |
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